Keystone Recapitalized by Audax

LOS ANGELES, Jan. 15, 2026 /PRNewswire/ -- RLH Equity Partners is pleased to announce that the global technology and advisory services practice of our portfolio company Keystone has been acquired by Audax Private Equity ("Audax").  Keystone's technology and advisory practice (specializing in economics, strategy, and complex digital ecosystems) provides unique consulting solutions to assist global technology enterprises, law firms, and regulators with market-shaping competition, litigation, and regulatory matters arising from technology and innovation.  The practice brings to these critical engagements an interdisciplinary model that combines deep technical expertise, advanced economic analysis, and business strategy. The practice's expertise spans competitive dynamics and network effects in technology markets, consumer behavior, intellectual property, transfer pricing, algorithmic bias, privacy, data architecture, and much more.

Concurrently with the sale of its technology and advisory services business, Keystone is spinning out its Core AI business into a newly formed independent entity, Keystone.AI.  Keystone.AI is a B2B AI SaaS provider that develops foundation models that assist clients with critical business operations such as demand forecasting, pricing, and inventory planning.  Keystone.AI will continue to operate as an independent business with minority ownership by RLH Equity Partners.

Greg Richards, former Keystone CEO and CEO of Keystone.AI commented, "RLH was a believer in both our advisory practice and B2B AI SaaS business from the beginning and has been a terrific partner to our team. We are incredibly excited about the future of both businesses as they continue to build on that foundation."

Jeff Marowits, Keystone's CEO and former President of Global Services added, "Our technology and advisory practice was built to help firms navigate the enormous opportunities and risks  from transformative technologies like today's AI moment of change.  RLH's long-standing support was instrumental in helping scale our business to its global leadership position today.  We are fortunate for their support, and to be exceptionally well positioned for the future and excited to expand our impact with Audax as our partner."

RLH Managing Director Kevin Cantrell noted, "Since RLH's original investment in the Company, Keystone has delivered rapid organic growth in both revenue and EBITDA.  We have been privileged to work with Greg, Jeff, and Keystone's team of outstandingly talented individuals in building a truly distinctive business and one that has earned coveted recognition on Vault's list of the Top 50 Consulting Firms in each of the past three years.   Keystone successfully helps clients with important and innovative challenges by blending high intellect and high touch.  That distinctive combination represents the essence of RLH's investment strategy for our portfolio companies."

Guggenheim Securities, LLC served as lead financial advisor to RLH Equity Partners and Goldman Sachs & Co. LLC served as co-advisor. 

About RLH Equity Partners

RLH Equity Partners invests behind passionate entrepreneurs in uniquely positioned, high-growth, knowledge-led B2B enterprises driven by macro changes in technology, healthcare, and regulatory environments. RLH's portfolio companies concentrate on offering specialized consulting, engineering and professional services with $25 million to $150 million of annual revenue at the time of investment. The RLH investment team strives to deliver strategic and operational guidance to its portfolio companies in navigating the opportunities and challenges of scale and rapid growth. RLH's insights and processes to support entrepreneurs in building market leading enterprises have been honed over RLH's more than 40-year history of successful investing. RLH currently manages over $1 billion of assets and is actively seeking new portfolio company investments.

Contact
For more information please contact:

Jessica Bramwell
Director of Communications
RLH Equity Partners
949-428-2205
[email protected] 
www.rlhequity.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/keystone-recapitalized-by-audax-302662736.html

SOURCE RLH Equity Partners